JP group in green as it gets "green' nod

The entire JP group stocks are leading the pack of gainers on the bourses. JP Associates is the top gainer at Rs.10.92, up over 9% followed by JP Infratech at Rs.16, up 6.45%, and even JP Power is up over 5% at Rs.7.

This sudden spike up of interest for the JP group stocks has come on news that the Environmental Ministry yesterday cut the eco-sensitive zone around Okhla Bird Sanctuary to 100 metres around the Eastern, Western and Southern borders and limited it to 1.27 km on the Northern side. This means that some 55,000 house owners in that area will heave a sigh of relief as it means that they will now get their homes.

The National Green Tribunal in Oct’13 had restrained New Okhla Industrial Development Authority from issuing completion certificates for structures falling within 10 km of Okhla bird sanctuary. Many realty projects, including DLF’s Mall of India and four other realty projects which fell within that radius, were stuck.

JP Infratech has some 20,000 flats in that area and most of them are ready for possession. This order of the NGT will now free up this project. It plans to give possession of 5000 homes immediately and expects sale of homes to start in the next 3-4 months. The company hopes to collect some Rs.3000 crore over the next three years.